“I think we’re on course,” said Blaise Fernandes, the president and CEO of India’s official recorded music industry body the Indian Music Industry, when asked on a status update on the country’s plan to break into the top ten of the world’s biggest music markets by 2022, at this year’s edition of the annual All About Music conference on Tuesday.
“For us to get to the top ten, we’ve got to double our revenues, we’re at $150 million, we’ve got to get to $300 million,” Fernandes told moderator, Outdustry’s Ed Peto at a panel entitled ‘Musicnomics: Making Sense Of Money In The Music Business’.
Among the drivers that Fernandes said would help India in reaching its destination, is an “underexploited” public performance market; the estimated 830 million smartphone users the country is expected to have by 2020; and a “$2.5 billion digital advertising market” owing to which “you’re going to see a lot sync opportunities”.
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Source: Music ally